A new technology that offers multiple card account options on a single card is expected to be introduced this Fall at Finovate Fall 2011 in New York City.
Dynamics’ Chip & Choice(TM) technology includes two chips — a secure, embedded chip and an exposed chip. A user can select different payment options by pressing different buttons on the card. Dynamics’ secure, embedded chip then writes a different, temporary chip profile into the exposed chip based on the user’s selection. In doing so, a user can select and use different payment applications even with readers that do not support such applications.
Due to the different paces migrating towards EMV cards across the world, this company’s new technology aims to provide the flexibility at the POS that is currently lacking in the market.
“After 15 years of EMV deployment in Europe, 63% of European cards and 83% of European point-of-sale terminals are EMV chip enabled. To realize new payment applications in Europe, the software in each reader must be updated. Europe, however, cannot wait the 8-10 years needed to fully upgrade terminals each time a new payments application is desired by a consumer,” stated Jeff Mullen, Dynamics’ CEO. “With Chip And Choice(TM), Dynamics’ fixes one of EMV’s most significant flaws and, in the process, dramatically accelerates the ability for European banks to deploy new payment applications.”
Read more about the story here: http://www.marketwatch.com/story/dyn…law-2011-09-19